Reply #3: U.S. stocks seen opening slightly up, earnings eyed [View All]

[54anickel]

http://www.forbes.com/markets/newswire/2004/04/12/rtr1328706.html

NEW YORK, April 12 (Reuters) - U.S. stocks are poised to open slightly higher on Monday, as investors anticipate the start of the quarterly earnings season for further confirmation of the pace and staying power of the economic recovery.

Earnings are expected to dictate the course of stocks this week, as corporate America kicks off one of the busiest weeks in the quarterly reporting season. Roughly 70 companies in the Standard & Poor's 500 index are set to post results this week.

Though most investors are expecting strong profits, they are also expected to keep a wary eye on events unfolding in Iraq, where mounting violence has fed uncertainty and kept a lid on positive sentiment.

Companies due to report results before the open include media companies Gannet Co. Inc. (nyse: GCI - news - people) and New York Times Co. (nyse: NYT - news - people), and Fastenal Co. (nasdaq: FAST - news - people), a nuts and bolts distributor.

"It looks like we're facing an uneventful open. Europe was closed, and the only major market open was Japan," said Peter Boockvar, equity strategist at Miller Tabak & Co.

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In economic readings, the Federal Reserve Bank of Kansas City releases its March manufacturing survey at 11:00 a.m. EDT(1500 GMT). Later, the Federal Reserve Bank of Chicago issues its Midwest Manufacturing Index for February at 12:00 p.m. EDT(1600 GMT).

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